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All Forum Posts by: Red Brown

Red Brown has started 2 posts and replied 44 times.

Post: How I lost 30k in one day by getting fooled by a con artist

Red BrownPosted
  • Real Estate Investor
  • Pryor, OK
  • Posts 46
  • Votes 12

   I have had encounters with that type,I bought a few things from one who did the pallets and truck loads once,then searched around and found where I could do it  myself and cut him and any  other middle men out.

     Most cases your on the hook but    I have ran across one where you had  the option in the beginning , I talked to a few people and I then sold it.3 or 4 years passed and then it was annexed and  property owners were forced don't think septics were allowed in town.

Post: 17 Years Old and I want to complete my first transaction before 18 is this possible?

Red BrownPosted
  • Real Estate Investor
  • Pryor, OK
  • Posts 46
  • Votes 12

   Years ago it could be set up through a court appointed guardian If you couldn't be emancipated until 17.

To keep it out of parents control. I have no idea about now.

Post: I got greedy and Credit scores dropped guess I over did it.

Red BrownPosted
  • Real Estate Investor
  • Pryor, OK
  • Posts 46
  • Votes 12

@Account Closed

  I also have properties owned free and clear.

If Necessary I can use credit cards that have 0% interest for 18 to 22 months   Or money I have  on hand to buy or repair properties without having to wait for a loan, sometimes you have to move fast and can't play around.

  I could purchase and fix a place during that time frame and  then get a loan.

Post: I got greedy and Credit scores dropped guess I over did it.

Red BrownPosted
  • Real Estate Investor
  • Pryor, OK
  • Posts 46
  • Votes 12

@Alexander Felice

Average age of credit went down a lot  not much over four years now.

 Lowest score is back to 748 so I guess that is good enough.

I received a few more card offers from places who just gave me cards I am going to wait awhile : )

Post: Inspecting Potential Flip Post Fire

Red BrownPosted
  • Real Estate Investor
  • Pryor, OK
  • Posts 46
  • Votes 12

  Last place I bought  I  used a generator  to check  electrical 

And have used air to check for gas and water  leaks .

A few 5 gallon buckets full of water dumped into drains  gives you a general idea about sewer

It lets me know what's working quick and then you do your bargaining as if it's all bad.  : )

Post: This DIY may have cost me ,lucky streak LOL

Red BrownPosted
  • Real Estate Investor
  • Pryor, OK
  • Posts 46
  • Votes 12

@Scott Weaner  All I had on the truck was liability insurance ,no glass coverage.

   Got different quotes for glass and went with the fellow who said $474 he did it for $420,I always try to get things done for a bit less .

@Linda Weygant  Isn't it the job of an elder sibling to  give, or at least share anything the younger one desires? It matters not if they are six or sixty it's your lifelong duty.  ; )

Brother took quite a tumble in RE in 08 maybe early 09 can't recall. He's still somewhat shy. Got him to look around a little and so far talking about retesting the water, by slowly wading back into the REI River but absolutely no diving.

Post: No liquid cash

Red BrownPosted
  • Real Estate Investor
  • Pryor, OK
  • Posts 46
  • Votes 12
Originally posted by @Anna Buffkin:

Jason, I respect you desire to get into real estate, but feel you may want to focus on saving for the unexpected first.   Be sure you have a personal emergeny fund. Once that is established, look at you finances to see if you could weather a bad real estate situation.  Even the best deals can turn bad quickly.  It's the unexpected cost of ownership that will get investors in trouble. 

 You did not say above what segment of real estate you were in, so I will use my situation for example.  I own 3 properties purchases 5% down, $5k down, and no money down.  The entry to ownership is "cheap", it's the unexpected that will get you.  I have a older 3/2/1 in a great school district. It's never vacant and rarely have a tenant issue. The mortgage and escrow is $539 and I estimate I am "all in" at $625 based on average other expenses.  The rent is $950. Sounds good, clearing $325 a month, and usually it is, but Feb 2014 I renovated, my choice I could have rented as is as done in the past.  6 weeks later the a/c goes out.  That summer, the tenant calls said the couple had split and she can't afford rent.  I hate eviction and the husband had no intention of paying rent.   Convinced them to leave but lost a months rent.   With that house I have had 3 years of good and profitable experiences, but i had a 6 months stretch where that house was sucking me dry both financially and mentally.

Normally things go well otherwise none of us would do this, but you have to have a reserve to cover the unexpected especially when just starting out.  Hope I did not offend.  I gave the same advice to a friend recently who wanted to invest in rentals with very little in the bank.  

  Good advice!  Lots of things come up.

I did some bailing out in a buddy's sinking ship recently.

Told him upfront he did't have enough cash or credit for the unexpected.

I know very little about REI ,but I graduated from "Murphy's Law School" and found it's always best to remove the rose colored glasses.

All I have done so far is SFH's and land but if the banks wouldn't loan me a dime and my credit cards all disappeared I can still cover any big ticket items with no real hardship .

   Hopefully as I learn and grow I will continue to keep things under control

  When  investing in something new to me. After I total all costs to the best of my knowledge , I'll add in at least 25% extra

Then on top of that

# 1.  Keep a stash of cash .  And make believe  I don't have it  ,unless it's a dire emergency.

# 2    A bit more  stash 

Just to cover my own a@@

After I step in enough dog poo learning new things 

overtime You learn to spot and avoid most of it    until then

You need a stash for new shoes ;)

Post: This DIY may have cost me ,lucky streak LOL

Red BrownPosted
  • Real Estate Investor
  • Pryor, OK
  • Posts 46
  • Votes 12

   They quoted me $474 and change. I get to pay..

I know better than to mow when it's getting to dark to see or I should. : )

  I was going to replace the windows myself and wife keeps telling me to let others do things!  So someone else is.

    My brother is now interested in the place and of course wants it for what it cost me. LOL

property came with a 10k+ watt generator with  honda motor  that we played with and got running. He wanted it free.

Post: Rentals with Google Fiber

Red BrownPosted
  • Real Estate Investor
  • Pryor, OK
  • Posts 46
  • Votes 12

@James Wise

https://fiber.google.com/about/

It's only in certain areas.